According to FOXSports.com NFL insider and NFL Network contributor Jay Glazer, the Dolphins and Colts have agreed to a trade that would send Davis to the Colts in exchange for a second-round draft pick in a currently unspecified season. Glazer adds that the deal has not yet been finalized.

NFL.com and NFL Network reporter Jeff Darlington later confirmed reports of the trade with multiple sources.

Selected with the 25th overall draft pick in 2009 out of Illinois, Davis has started 36 of his 44 games for the Dolphins over the last three seasons, totaling 148 tackles, one sack and nine interceptions. Davis' four interceptions in 2009 and 2011 were team-highs.

The 5-foot-11, 205-pound Davis would solve the Colts' long-standing search for a starting cornerback to pair opposite Jerraud Powers.